(As of 7:10 am PST)
US stocks are rebounding after
yesterday’s losses with market sentiment settling ahead of tomorrow’s FOMC
interest rate decision. Today kicks off day one of the Federal Open Market
Committee’s two day policy setting meeting. The central bank is widely expected
to leave interest rates unchanged, however investors will be keying in to
tomorrow’s policy announcement for direction on future rate hikes in 2016.
Earnings are flooding in today, with mostly positive reports across the board
so far. DuPont, BP, Procter & Gamble, 3M and Coach all reported quarterly
earnings that met or exceeded expectations. Activity will pick up in the
after-market today when Apple Inc., Chipotle, AT&T and Twitter report their
quarterly results. Apple’s report will be highly scrutinized, as it always is,
and has the potential to be a market-mover on Wednesday. Shifting to economic
news, data released today on durable goods orders showed orders rising 0.8% in
March, better than February’s numbers but slower than anticipated. Orders
excluding transportation, declined 0.2% indicating weak business investment.
Housing prices continued to climb as the Case-Shiller index showed steady
growth for February, while consumer confidence slipped slightly in April
according to the Conference Board. The US dollar is down today while gold and
oil prices are higher. Interest rates are inching higher as well. International
markets are mixed across the board.
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